TRY (Turkish New Lira)

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DEFINITION of 'TRY (Turkish New Lira)'

The currency abbreviation for the Turkish new lira (TRY), the currency for Turkey and the Turkish Republic of Northern Cyprus. The Turkish new lira is made up of 100 new kurus and is often presented with the symbol YTL.

INVESTOPEDIA EXPLAINS 'TRY (Turkish New Lira)'

The Turkish new lira was first introduced at the beginning of 2005 at an amount equivalent to 1 million Turkish old lira by passing a law that removed the last six zeros from the currency. The new lira was introduced after periods of high inflation devalued the old currency. For example, in the late 1960s, 9 liras was approximately equal to 1 U.S. dollar. In 2001, this exchange rate was 1.6 million:1.